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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

10. Income Taxes

​

The Company’s U.S. and foreign source income/(loss) were:

​

​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021		​	2020
U.S.	​	$	(136)	​	$	1,879	​
Canada	​	​	(7,155)	​	​	(308)	​
Other foreign, net	​	​	(7,946)	​	​	(1,151)	​
​	​	$	(15,237)	​	$	420	​

​

During the years ended December 31, 2021 and 2020, the Company recognized $nil current and deferred income tax expense or benefit in each of the U.S., Canada, and other foreign jurisdictions, due to full valuation allowances within each jurisdiction.

​

Rate Reconciliation

​

Reconciliations between the Company’s combined income taxes at statutory rates and the U.S. effective income tax (benefit)/expense were:

​

​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021		​	2020
Income taxed at statutory rates	​	$	(3,743)	​	$	36	​
Increase (decrease) in taxes from:	​	​	​	​	​	​	​
State Tax	​	​	(21)	​	​	66	​
Stock-based compensation	​	​	33	​	​	50	​
Imputed interest	​	​	1	​	​	9	​
Other adjustments	​	​	—	​	​	(1)	​
Mining concessions disposition	​	​	—	​	​	853	​
Inflation adjustment	​	​	(2)	​	​	(254)	​
Prior year provision to actual adjustments	​	​	(493)	​	​	885	​
Change in U.S. tax rate	​	​	—	​	​	29	​
Change in foreign tax rate	​	​	—	​	​	100	​
Differentials in foreign tax rates	​	​	(186)	​	​	(52)	​
Changes in foreign exchange rates	​	​	911	​	​	(1,236)	​
Changes in valuation allowances affecting income tax expense or benefit	​	​	3,500	​	​	(485)	​
Income tax (benefit)/expense	​	$	—	​	$	—	​

​

Income tax benefit of $326 relating to deductible share offering costs were recorded directly in equity, offset by a corresponding valuation allowance.

​

Deferred Taxes

​

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the Company’s deferred tax assets and liabilities were:

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2021		​	2020
Deferred income tax assets	​	​	​	​	​	​	​
Excess tax basis over book basis of property, plant and equipment	​	$	7,225	​	$	7,776	​
Marketable securities	​	​	103	​	​	—	​
Operating loss carryforwards	​	​	40,620	​	​	36,965	​
Capital loss carryforwards	​	​	14,065	​	​	13,778	​
Capital expenditures	​	​	374	​	​	374	​
Stock compensation	​	​	179	​	​	164	​
VAT recoverable	​	​	145	​	​	150	​
Unrealized foreign exchange gain/loss	​	​	116	​	​	117	​
Environmental liability	​	​	65	​	​	65	​
Offering costs	​	​	305	​	​	46	​
Accrued vacation	​	​	26	​	​	22	​
Other	​	​	4	​	​	5	​
Total future tax assets	​	​	63,227	​	​	59,462	​
Valuation allowance for future tax assets	​	​	(63,227)	​	​	(59,401)	​
​	​	​	—	​	​	61	​
Deferred income tax liabilities	​	​	​	​	​	​	​
Other investments	​	​	—	​	​	61	​
​	​	​	—	​	​	61	​
​	​	​	​	​	​	​	​
Total Deferred Taxes	​	$	—	​	$	—	​

​

Valuation Allowance on Canadian and Foreign Tax Assets

​

We establish a valuation allowance against income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowances of $63,227 and $59,401 at December 31, 2021 and 2020, respectively, related mainly to operating loss carryforwards where utilization is not more likely than not. The Company periodically assesses both positive and negative evidence to determine whether it is more likely than not that deferred tax assets can be realized prior to expiration.

​

Loss Carryforwards

​

The Company’s tax loss carryforwards expire as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noncapital Canada

U.S.

Mexico

Barbados

Total

​

2021

​

​

—

​

​

—

​

​

—

​

​

4

​

​

4

​

2022

​

​

—

​

​

—

​

​

1,602

​

​

6

​

​

1,608

​

2023

​

​

—

​

​

—

​

​

373

​

​

6

​

​

379

​

2024

​

​

—

​

​

—

​

​

—

​

​

6

​

​

6

​

2025

​

​

—

​

​

—

​

​

80

​

​

6

​

​

86

​

2026

​

​

1,027

​

​

—

​

​

822

​

​

5

​

​

1,854

​

2027

​

​

847

​

​

—

​

​

—

​

​

7

​

​

854

​

2028

​

​

5,245

​

​

—

​

​

—

​

​

7

​

​

5,252

​

2029

​

​

4,022

​

​

—

​

​

—

​

​

—

​

​

4,022

​

2030

​

​

5,032

​

​

1,748

​

​

—

​

​

—

​

​

6,780

​

2031

​

​

3,806

​

​

3,407

​

​

72

​

​

—

​

​

7,285

​

2032

​

​

6,397

​

​

2,323

​

​

—

​

​

—

​

​

8,720

​

2033

​

​

6,185

​

​

3,098

​

​

—

​

​

—

​

​

9,283

​

2034

​

​

4,420

​

​

—

​

​

—

​

​

—

​

​

4,420

​

2035

​

​

3,729

​

​

2

​

​

—

​

​

—

​

​

3,731

​

2036

​

​

2,799

​

​

2,655

​

​

—

​

​

—

​

​

5,454

​

2037

​

​

1,916

​

​

2,482

​

​

—

​

​

—

​

​

4,398

​

2038

​

​

2,666

​

​

—

​

​

—

​

​

—

​

​

2,666

​

2039

​

​

3,338

​

​

—

​

​

—

​

​

—

​

​

3,338

​

2040

​

​

2,829

​

​

—

​

​

—

​

​

—

​

​

2,829

​

2041

​

​

5,370

​

​

—

​

​

—

​

​

—

​

​

5,370

​

​

​

$

59,628

​

$

15,715

​

$

2,949

​

$

47

​

$

78,339

​

​

U.S. loss carryforwards for tax years beginning in 2018 through 2021 of $2,686, Canadian capital loss carryforwards of $104,184 and Australian NOLs of $63,795, which do not expire, are not included in the previous table.

​

Accounting for uncertainty in taxes

​

Accounting Standards Codification Topic 740 (“ASC 740”) requires the Company to evaluate its income tax positions and recognize a liability for uncertain tax positions that are not more likely than not to be sustained by tax authorities. As of December 31, 2021 and 2020, the Company believes it had no income tax uncertainties that required recognition of a liability. If the Company were to determine that uncertain tax positions meet the criteria of ASC 740, an estimated liability and related interest and penalties would be recognized as income tax expense.

​

Tax statute of limitations

​

The Company files income tax returns in Canada, U.S. federal and state jurisdictions, and other foreign jurisdictions. There are currently no tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject to Canadian tax examinations by the Canadian Revenue Agency for years ended on or before December 31, 2017 or U.S.

federal income tax examinations by the Internal Revenue Service for years ended on or before December 31, 2017. Some U.S. state and other foreign jurisdictions are still subject to tax examination for years ended on or before December 31, 2016.

​

Although certain tax years are closed under the statute of limitations, tax authorities can still adjust losses being carried forward to open years.

X

- References

No definition available.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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